EX-12.1 6 a2198863zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1

LTC PROPERTIES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF
EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in Thousands)
(Unaudited)

 
   Year Ended   Three Months Ended  
 
   2005   2006   2007   2008   2009   March 31, 2010  

Earnings

                                      

Income from continuing operations

   $ 51,037   $ 45,879   $ 48,039   $ 43,192   $ 44,360   $ 10,570  

Add: Fixed charges (See below)

     8,659     7,371     5,300     4,421     2,714     449  
 

Amortization of capitalized interest

     —     —     —     —     —     —  
 

Distributed income of equity investees

     —     —     —     —     —     —  
 

Share of pre-tax losses of equity investees

     —     —     —     —     —     —  

Less:

                                      
 

Capitalized interest

     —     —     —     (60 )   (40 )   (25 )
 

Non-controlling interests expense on consolidated subsidiaries

     (349 )   (343 )   (343 )   (307 )   (296 )   (48 )
 

Minority interest in pre-tax income that have not incurred fixed charges (equity method investees)

     —     —     —     —     —     —  
                           

Total Earnings

   $ 59,347   $ 52,907   $ 52,996   $ 47,246   $ 46,738   $ 10,946  
                           

Fixed Charges

                                      

Interest expense (includes amortization of debt issue costs)

   $ 8,310   $ 7,028   $ 4,957   $ 4,114   $ 2,418   $ 401  

Estimated interest in rental expense

     —     —     —     —     —     —  

Non-controlling interests expense on consolidated subsidiaries

     349     343     343     307     296     48  
                           

Total Fixed Charges

   $ 8,659   $ 7,371   $ 5,300   $ 4,421   $ 2,714   $ 449  
                           

Preferred Dividends

  
$
17,343		  
$
17,157		  
$
16,923		  
$
15,390		  
$
15,141		  
$
3,785		  

Total Fixed Charges and Preferred Dividends

  
$
26,002		  
$
24,528		  
$
22,223		  
$
19,811		  
$
17,855		  
$
4,234		  

Ratio of earnings to fixed charges

    
6.85		    
7.18		    
10.00		    
10.69		    
17.22		    
24.38		  

Ratio of earnings to fixed charges and preferred dividends

    
2.28		    
2.16		    
2.38		    
2.38		    
2.62		    
2.59		  



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LTC PROPERTIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS (Dollars in Thousands) (Unaudited)